Bulgarian nationalists march against euro currency adoption

Time of India

2 days ago

Thousands Bulgarians took on the streets of the capital, Sofia, and other major cities on Saturday to protest government plans to adopt the euro and to demand a referendum on the issue (Image credit: AP)
Thousands gathered in Bulgaria's capital Sofia and other major cities on Saturday to reject the country's plans to adopt the euro, the latest move by the eastern European country to strengthen its status in the
European Union
.
Critics of the move are demanding that the government hold a referendum over whether the country should abandon the lev and adopt the euro as its currency.
It comes months after Bulgaria, along with Romania, were admitted to the Schengen area.
Demonstrators in Sofia carried flags of the pro-Russian Vazrazhdane party. A large banner read "The battle for the Bulgarian lev is the last battle for Bulgaria."
Civic groups and nationalist parties organized the protest, leading the march singing patriotic songs and shouting slogans like "The future belongs to sovereign states."
Bulgaria, which joined the European Union in 2007 and remains its poorest member, is expected to get approval from Brussels in June to adopt the euro.
Disinformation campaigns stoke fear:
Fears that the euro will harm Bulgaria's economy, coupled with a mistrust of institutions after years of instability, has led many to oppose the upcoming changes.
Several recent surveys showed nearly half of those questioned said they were opposed to Bulgaria joining the eurozone.
Some people, particularly those in small towns and rural areas, are reluctant to adopt the single currency, with some of them having never traveled abroad and not used to international transactions.
Disinformation campaigns from home and abroad have sought to stoke fears that the economic changes will bring more poverty.
Bulgarian president rejects euro:
Among those who are against the adoption of the euro as currency is Bulgarian President Rumen Radev.
He had proposed the referendum on the currency earlier this month, citing public concerns over inflation and purchasing power.
Radev also said the government had not implemented needed measures to allow the "most vulnerable" to withstand the shock of euro adoption.
The pro-European majority in Bulgaria's parliament rejected the referendum proposal, accusing Radev of acting on behalf of Russia.